Property Management Companies or Local Letting Agents

After housing market start to decline, letting agents sought new opportunities and make a new trend to extend the business with specialist residential property management included in the business model. The result of this condition is challenging issues for non-specialist letting agents such as management right and resident management company to deal with.

Letting agents work by finding new tenant for the property owner then manages the property. They offer management service to include maintenance overseeing and rent collection. Property owner pay a fee to the agent for the job. Recently, high street agents extend their business with offering management for leasehold blocks.
After through a long investigation that involving spoke to professional, including large property managers, came up interesting perspective and surprising findings. It is including how letting specialist could play a positive role. Both letting agents and block management has plus side and down side.

The plus sides of letting agents are local presence, they knowledge about good contractors, quick and regular attendance, strong knowledge of property and work to add value, ability to offer to block leaseholders the experts letting services, and a sense of that they will really are to the block. The downsides of letting agents are lack of expertise in direct property management, lack of experience about the law of leasehold property management, may lack of technical knowledge, the priority may split with their letting business, lack of image, and lack of finance power.
The plus sides of block management are they have dedicated specialist of property management, local presence with local property manager they employ, technically knowledgeable, expert knowledge of property management law, good image, pure property management without split priority, and better financial power. The downsides of block management is lack of local knowledge, not care enough, slower respond, and for residential leaseholder, they cannot offer expert letting service.